IRS Announces Pension Plan Limits for 2014
Posted on 11.06.13
The IRS announced on October 31, 2013 the cost-of-living adjustments for dollar limitations on benefits and contributions under qualified retirement plans for tax year 2014. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.
Some pension limitations, such as elective deferral contributions and catch-up contributions for 401(k), 403(b), and 457(b) plans, will remain unchanged. These limitations are adjusted by reference to Section 415(d) of the Internal Revenue Code, and the increase in the Consumer Price Index (1.5%) did not meet the statutory thresholds that trigger their adjustment.
The limits and thresholds are published on the IRS website.
For additional information related to these changes or any other questions regarding plan qualification, please contact any member of the Keiter team of employee benefit plan specialists.
For IRA and other benefit related limits, click here.